Lucid's second-quarter revenue beat expectations
Lucid Group Inc (NASDAQ:LCID) stock is 5.5% higher to trade at $3.17 at last check and seeing unusually high options volume after earnings. In addition to a second-quarter revenue beat and reaffirmed outlook of 9,000 EVs produced in 2024, the electric vehicle (EV) name received a $1.5 billion investment from Saudi Arabia's Public Investment Fund to accelerate production of a new SUV.
Still deep in penny stock territory, Lucid Group stock is also down over 50% over the last 12 months. Plus, the 280-day moving average cut LCID's July 12 rally short just below the $4.50 mark. Nevertheless, today's pop has the equity on track to snap a three-day losing streak.
It's also worth noting that short interest fell 6.7% over the last two reporting periods, yet the 237.5 million shares sold short represent 10.5% of the equity's total available float, or nearly two weeks' worth of pent-up buying power.
Short-term options traders lean bearish on Lucid Group stock, per its Schaeffer's put/call open interest ratio (SOIR) of 2.40 that sits in the 96th percentile of readings from the past 12 months.